UK Completes Its Plan for Crypto Regulation, Following FTX Demise

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UK Completes Its Plan for Crypto Regulation, Following FTX Demise
Credit: © Reuters.

  • The UK Treasury is finalizing a plan for the regulation of the cryptocurrency industry.
  • FCA already began monitoring UK’s crypto companies this year.

The UK Treasury is reportedly finalizing a framework for the regulation of the cryptocurrency industry. According to The Financial Times, the country’s financial authorities are currently putting the finishing touches on the significant crypto regulation. This includes prohibitions on international businesses selling to the UK, strategies for dealing with business failures, and regulations for product advertising.

A Treasury spokesperson stated: 

The UK is committed to creating a regulatory environment in which firms can innovate, while crucially maintaining financial stability and regulatory standards so that people and businesses can use new technologies both reliably and safely.

The United Kingdom’s new move of crypto regulation occurred amidst the entire cryptocurrency industry suffering from the collapse of one of the leading exchanges, FTX. “Ministers will shortly launch a consultation on the new regulatory regime,” as per the report.

UK’s Move for Crypto Regulation

Reportedly, the Financial Conduct Authority (FCA) began monitoring the anti-money laundering procedures of UK-based crypto companies this year. But it is limited in its wider authority to safeguard consumers from various issues.

However, the new powers will allow the FCA to oversee the crypto industry more extensively, including inspecting how the companies operate and advertise their products, according to persons familiar with the Treasury. They further stated that there would be limitations on foreign sellers entering the UK market, and the proposals would outline how crypto firms can be shut down.

Moreover, Rishi Sunak, the Prime Minister of the UK previously stated that effective regulation will help Britain become a global center for crypto asset technology. Also, it will attract the enterprises of the future to invest, create, and scale up on British soil. Several UK-based cryptocurrency companies are reportedly being the subject of an investigation by the Financial Conduct Authority throughout the year.  

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